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in a trillion dollars. you would still be left with a deficit and you would wreck the economy. martha: interesting lesson. stuart, thanks very much. we'll be watching it throughout the day as i know you will. let's look at bigger picture of europe's debt crisis. five countries needed bailouts from the european central bank and imf. greece, spain, ireland, portugal as stuart mentioned. germany the fifth biggest. great britain at number eight. france with the 9th largest. italy at number ten. they all shrunk in the last quarter of last year. europe is basically contracting. the eurozone is losing huge numbers of jobs. a record 19 million people are unemployed. it is a tough picture and one we need to watch closely here at home. bill: sure do. no telling when that thing will get straightened out. >>> more rough water for carnival cruise lines. another disabled ship of vacationers, limping back to port. legend arriving yesterday. a leading senator calling for a passenger bill of rights. what would be in that bill? peter doocy live in washington. what would this bill of rights do, peter? >
when it comes to the economy. listen to this. >> my goal is not to chase a balanced budget just for the sake of balance. my goal is how do we grow the economy, put people back to work, and if we do that, we're going to be bringing in more revenue. martha: stuart varney, host of "varney & company" on the fox business network. what do you think about that statement? he says you shouldn't just chase a balanced budget just for the sake of being able to say it is balanced? >> i think the president was spelling out his priority and his priority is not balancing the budget for the sake of balancing the budget. his priority is growth by spending more government money. that i think is his priority. and as you said, martha, that is in sharp contrast to paul ryan who is deliberately going after deficits and the debt and wants to balance in ten years. so you've got two very clear sides here. the president says, spending and debt probably sustainable. paul ryan said, no, it is definitely not. martha: is that debt sustainable, stuart? it's growing like wildfire. >> take a look at right now. a
there. the economies there were slow and germany the fifth biggest. great britain at number eight. france the 9th largest. all shrink shrinking in the last quarter. that is not what you want. entire eurozone by the way losing huge number of jobs. a record 19 million are unemployed. martha: deadly storm causing serious problems across the south. areas of alabama got pummeled with large hail. some of it was the size of baseballs. that is an unusual sight. that is what they had there. high winds causing issues in georgia. thousand people waking up without power there. national weather service say the storm destroyed a store and a dozen homes. look at the wreckage on the ground. one man was killed when the wind topple ad tree on to his car. bill: we had whiteout conditions here in new york city last night and a new round of snow making for a tough commute across the northeast. new england could see the worst of it. that region getting hit with several major storms over the winter. it could get up to 20 inches of snow by the time this storm passs? maria molina live in the fox severe we
? >> it used to be a stock market was a direct barometer of america and america's economy. that is not necessarily the case anymore. main street malaise and frustration is valid. wall street, particularly talking about the dow jones industrial average, talking about the 30 biggest companies in this country, that move is valid as well. these guys are getting profits from outside of this country. the world can't get enough products from ibm. caterpillar 70% of the its business outside of this country. parent company of kentucky fried chicken, they don't care what happens here, the news from china better be good or their stock goes up and down. anywhere near all the cylinders that we could fire on and american public knows there and obviously they're very frustrated by it. martha: what do we have to do to get growth cooking back in this country again, charles? >> i got to tell you, i don't know over the next four years we will have the exact gameplan we need to be quite frank with you. there is different agenda out there controlling things, anti-business, anti-success agenda.
would most certainly collapse. that could potentially threaten other national economies. these things are often domino effects as you know. greg palkot is live in london. what is the latest on this deal, greg. >> reporter: you're right, martha. people are scrambling blink to prevent another way for cyprus to go bankrupt and dragging rest of europe down with it. in the cypriot parliament, not a single member of parliament voted in favor of that plan. this plan could see as much as 10% taken out of private bank accounts to help bankroll that bailout. the vote was seen as a victory for the little guy but yes, now they have to find another way of getting the money. one way of getting the money may be go to moscow with hat in hand. cypriot officials were there today. rich russians taking advantage of lax banking regulations on the sigh land of cyprus invest a lot there. maybe as much as half of the deposits and investments are coming from russia. they're looking now for more loans from russia and maybe there are reports of selling off some things there. a bank. a maybe some energy rights.
news now. this just crossing on the u.s. economy. the gas prices have spiked. the u.s. consumer price index up .7 of a percent. this is the highest level that we've seen in gas prices in more than three years. so a really big jump we have watched. think about the impact on that on people's pockets. the money going into the gas tank and not going other places, that is the biggest jump we've seen in three years. bill: four bucks plus in new york. martha: yeah. bill: so the wife of a jailed american pastor in iran heading to the hill today. this is the first hearing we will see on this topic. the wife of said abedini will testify in front of a house hearing. she hopes the obama administration will put more pressure on iran for holding her husband. he is being held for practicing his faith in that country. we have the chair of the u.s. commission on international religious freedom. she is set to testify at the hearing today. doctor, we're honored to have you on today and good morning. >> thanks, i'm delighted. bill: what could come from this hearing do you think? >> well, congressional he
Search Results 0 to 5 of about 6